Tag: Tax

LAHORE: Federal Board of Revenue's (FBR) Directorate of Intelligence and Investigation, Lahore, has detected the huge General Sales Tax (GST) evasion of Rs 613 million by a group of fraudsters.
Sources revealed that Directorate of Intelligence and Investigation (DII) had registered an FIR against 32 tax evaders and apprehended the mastermind of plot, Ejaz Latif, who was implicated in illegal input tax adjustment on the basis of false sales tax invoices.
A senior FBR

TOKYO: Japan's top business lobby on Tuesday hailed a government plan to shave five percentage points off corporate tax as "a first step" towards revitalising the nation's fragile economy.
Prime Minister Naoto Kan said late Monday that his centre-left government planned next year to cut the tax from 40.7 percent to boost investment, keep companies from moving abroad, create jobs and boost wages.
He did not explain how the government would make up for the revenue shortfall at

LAHORE: The estimated cost of tax exemptions in Pakistan on different accounts is around Rs 150 billion per annum. Textile and apparel, tractor, fertiliser, pharmaceutical, exploration and production, energy and high-tech industries are major beneficiaries of these tax exemptions, Pakistan Today has learnt.
The Economic Survey of Pakistan 2009-10 figures show that the country had paid Rs 147.140 billion under various tax breaks, including Rs 46.534 billion on account of Income

LAHORE: To facilitate the taxpayer FBR's Regional Tax Offices (RTOs) at Lahore has expedited the pending refund claims and maximized issuance of Sales Tax Refunds for reducing the liquidity problems of tax payers.
According to a press statement, refund processing units have been increased and additional manpower has been deployed to process refunds, especially in the textile sector.
The RTOs have processed 4,080 Sales Tax refund claims amounting to Rs 1.93 billion during

LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman Gohar Ejaz will endeavor to convince the government on the maintenance of the zero-rating regime for textile industry under the reformed General Sales Tax (GST).
He will be speaking to the sub-committee of Standing Committee of the National Assembly on Finance. In his briefing he will point out that APTMA is not against the imposition of GST per se, but had major concerns of the mechanism adopted for revenue

KARACHI: The government is incurring a loss of around Rs 3.5 billion a month or Rs 41.8 billion a year in exemptions granted in duties and sales taxes to tankers supplying fuel to NATO forces in Afghanistan.
Hundreds of tankers transport thousands of litres of fuel to NATO troops each month. "Each day, 120 oil tankers transport fuel from two oil depots of Karachi to NATO troops. Each tanker carries as much as 50,000 litres," a source in the Petroleum Ministry told Pakistan

ISLAMABAD: The government has generated Rs 69 billion from sales tax and customs duty on petroleum products in the first four months of the current financial year, the Federal Board of Revenue (FBR) told a special committee of the Public Accounts Committee on Tuesday.
The FBR told the PAC III, which was chaired by Riaz Pirzada, that the tax earnings increased by Rs 30 billion in the same period. "Rs 428 billion have been received under pure taxes in the same period," the FBR

KARACHI: The political parties of Sindh, including the PPP, the PML-N and the PML-Q, are united in their opposition to the MQM's demand that agriculture income should be taxed.
The MQM, which has remained a staunch advocate of taxing the agriculture sector, has strongly raised the issue with the government again. MQM leaders have presented 9 recommendations to a team of the federal government as an alternative to the reformed GST, and on the top of list is the imposition of tax

ISLAMABAD: A unique study from the World Bank measuring the difficulty faced by of paying tax ranks Pakistan at 145 position, out of 183 economies surveyed, covering both the cost of taxes and the administrative burden of tax compliance.
Paying Taxes 2011 study finds that paying taxes is getting easier despite economic downturn. It says nearly 60 percent of the world's economies have made significant business regulatory changes to ease paying taxes, despite the impact of the

KIEV: About 4,000 Ukrainian street traders and other small business owners renewed protests in Kiev on Monday, urging President Viktor Yanukovich to veto a proposed new tax code which they say will destroy their livelihood.
Plans to reform the ex-Soviet republic's notoriously weak tax system have triggered the biggest public protests against Yanukovich's government since his election in February and revitalised a fractured political opposition. The new tax code was passed by

ISLAMABAD: All the four provinces, as well as Azad Jammu and Kashmir, have said they were on board for the implementation of the reformed General Sales Tax (RGST) on goods and services during the current financial year.
This was stated by the representatives of the four provinces at a media briefing the Pakistan Development Forum on Sunday. The representatives said that their RGST on services bills would be presented in their respected provincial assemblies as soon as parliament

ISLAMABAD: The legislation on imposing the Flood Tax will be presented in the Sindh Assembly for approval in the next few days, Sindh Chief Minister Qaim Ali Shah said on Sunday.
Giving a presentation on mobilising additional resources for the flood victims of the province at the Pakistan Development Forum (PDF), he said that the intended Flood Tax would be a surcharge and collected in addition to the existing provincial taxes, fees and provincial levies.
Although there was

LAHORE: The flood tax will be levied for a six-month initiatory period and the government has redressed all reservations of the provinces over the Reformed General Sales Tax (RGST) before presenting the bill in parliament, Prime Minister Yousaf Raza Gilani said on Saturday.
He was talking to the media here Saturday in a private hospital after visiting Pakistan People's Party (PPP) veteran leader and Senator Gulzar Ahmed Khan. Gilani said that there was no foreign pressure on the

ISLAMABAD: Seeking sweeping powers for tax authorities against the tax evaders and approval of 10 percent surcharge on income tax, the government tabled the General Sales Tax Act 2010 in parliament on Friday.
Amidst the rumpus by the opposition in the House, Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh moved the bill, saying the federal government was in an immediate need of additional local resources to relieve pressure on the budget caused by extraordinary

LAHORE: The business community and traders of the provincial capital has spurned the reformed General Sales Tax (GST) and 10 percent Flood Surcharge. Criticism of the new tax regime has mounted as business leaders claim that the government is putting additional burden on the existing taxpayers instead of widening the tax net.
Speaking to the Pakistan Today, SAARC Chamber of Commerce and Industry Vice President Iftikhar Ali Malik said that imposition of the reformed GST and a 10

ISLAMABAD: The federal cabinet on Wednesday approved the reformed General Sales Tax (GST) Bill and a one-time imposition of the flood tax amidst tough resistance from the Muttahida Qaumi Movement (MQM).
The MQM ministers did not even follow the prime minister's request not to make their opposition public and let a message of unanimity be passed on. After the meeting, Minister for Overseas Pakistanis Dr Farooq Sattar went public, saying the MQM did not support the cabinet

ISLAMABAD: The government is likely to reduce tax exemptions in new proposed revised sales tax bill with certain fundamental changes related to enforcement and audit, Pakistan Today reliably learnt on Tuesday.
According to sources in the Law Ministry, the Federal Board of Revenue has sent the proposed bill to the Law Ministry a few days ago, proposing the withdrawal of all kinds of exemptions on sales tax, except on life saving drugs and food items.
The exemptions would help